Illinois Statutes Chapter 110. Higher Education § 991/10. Definitions

§ 10. Definitions. As used in this Act:

“Borrower” means an Illinois resident student who has received an education loan or an Illinois resident parent who has received or agreed to pay an education loan, subject to approval by the State Treasurer.

“Education loan” means a loan made to a borrower in accordance with this Act to finance an Illinois resident student's attendance at an institution of higher education.

“Income share agreement” means an agreement between a participant and an eligible institution of higher education or an income share agreement provider approved by the State Treasurer in which the participant agrees to pay a percentage of the participant's future earnings for a fixed period in exchange for funds to pay for their post-secondary education.

“Income share agreement provider” means an organization that allows income share agreement participants to fund their education by means of an income share agreement.

“Institution of higher education” means a post-secondary educational institution located in Illinois and approved by the State Treasurer.

“Participant” means a resident student who enters into an income share agreement for the purpose of funding the participant's attendance at an institution of higher education.

“Student Investment Account” means that portion of the Treasurer's State Investment Portfolio described in Section 15.